When GST comes, petrol 75 and diesel will be Rs 68 - SBI report


Posted on 6th Mar 2021 02:59 pm by rohit kumar

Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.

 

Petrol and diesel fall in GST, 0.4% loss to GDP

 

Did you know?Explore Trending and Topic pages for more stories like this.

Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.

 

Saudi Arabia turned down India's request

 

Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.

 

Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.

2 Like 0 Dislike
Previous news Next news
Other news

IPL 2024: 'You can't say yes to all teams'! Sunil Gavaskar has made a big prediction about CSK before IPL 17.

Sunil Gavaskar's prediction for CSK ahead of IPL 2024: The excitement for Indian Premier League (

Rupee vs Dollar: Investors are avoiding taking risks amid fear of recession, due to which the rupee breaks to a record low level.

After crossing Rs 83 for the first time in the previous session, the rupee weakened to a new reco

Salaar Box Office Day 17: 'Salaar' resonated again at the box office, there was a boom in business on the weekend, and it earned so many crores.

Salaar Box Office Collection Day 17: Prabhas's Salaar is dominating the box office. On Sunday the

Bengaluru stampede... The Karnataka government said in the High Court- Police officers acted like servants of RCB.

The Karnataka government on Thursday justified the suspension of IPS officer Vikas Kumar in the H

US-China: Will America impose sanctions on China as well? Action can be taken if military aid is sent to Russia

After imposing a lot of sanctions on Russia during the Ukraine war, America is now going to tight

Love Jihad: In Lucknow, a young man threw a girl from the roof - death, was pressurizing her to convert

Love Jihad in Lucknow: Sufiyan, a resident of the Duda colony of Dubagga, threw acquaintance Nidh

Covid-19: Know when you have to take a booster dose of the corona, where and how to register

Covid-19 Vaccination: The cases of Covid are increasing again and to prevent it from spreading, t

Corona cases increased in China, panic in Haryana: Minister Vij said – Health department in alert mode; RT-PCR testing machine installed in every district

The increasing cases of Covid-19 in many countries including China have again raised concerns. Fe

Modi Birthday's - 42 thousand every minute, crosses 1 crore till one and a half o'clock, bullet speed of vaccination on PM Modi's birthday

On the birthday of Prime Minister Narendra Modi, vaccination is going on in the country at a reco

G20: Pakistan hatched a 'hacking' conspiracy during the summit, but something happened that shocked the neighboring country.

When the leaders of the most powerful countries of the world were praising India for the success

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash